The origins of the labor theory of value and its basic provisions

The article is devoted to the study of the development of the theory of wages. It is noted that representatives of the classical school in economics are the first theorists who laid the foundation for the theory of the labor market, the creators of the labor theory of value. According to the author, among the important merits of the classical school can be attributed to their formulation of the market law of the interaction of supply and demand and the achievement on this basis of an equilibrium price for the subject of sale and purchase, including labor, as well as substantiation of the position on the dependence of the size of wages payments from the supply of labor.